Texture color with vertex paints
With Blender Render engine selected and a regular old non-node-based material, go to the material properties and check Vertex Color Paint. This will make the diffuse color of the mesh equal to the diffuse color of the material times the diffuse intensity of the material times the diffuse texture of the material times the vertex color.

After you're done you can bake the vertex colors to a texture if you want and use the compositor to combine them for use in a game engine if that's your thing. Or, use a shader and engine that can use the vertex color if the texture is tilable.